Mysten Labs

Blockchain Infrastructuremystenlabs.com

Mysten Labs is a Palo Alto-based blockchain infrastructure company founded in 2021 that builds the Sui Layer 1 blockchain, the Move programming language, and an integrated protocol stack (Walrus, Seal, DeepBook, Enoki) serving developers, financial institutions, gaming companies, fintechs, and AI-agent platforms.

Company typePrivate
Founded2021
HeadquartersPalo Alto, United States
Headcount11–50
GTM typeB2B
OfferingSoftware

What Mysten Labs does

Mysten Labs is a blockchain infrastructure company founded in 2021 by former Meta (Facebook) Diem/Libra engineering veterans, headquartered in Palo Alto, California with 150+ employees across 11 global locations and a remote-first operating model. The company is the original contributor to the Sui Layer 1 blockchain, which uses an object-centric data model and the Move programming language to enable parallel transaction execution, sub-400ms fast-lane payments, and horizontal scalability. Around the Sui core, Mysten Labs has built a vertically integrated protocol stack including Mysticeti (DAG-based consensus), DeepBook (on-chain central limit order book), Walrus (decentralized blob storage with Red Stuff 2D encoding and a WAL token), Seal (decentralized secrets management with identity-based encryption and threshold decryption), Kiosk (commerce layer), and Enoki (a "Stripe-like" digital asset API platform). Consumer-facing products include the Slush unified wallet (rebranded from Sui Wallet and Stashed in April 2025), the SuiPlay0X1 web3 handheld gaming console developed with Playtron, and the Sui Name Service.

The company serves developers, enterprises, financial institutions, gaming companies, fintechs, and AI-agent builders. Monetization spans multiple streams: venture funding (at least $336M disclosed across a $36M Series A led by Andreessen Horowitz in December 2021 and a $300M Series B led by FTX Ventures at a >$2B valuation in September 2022), usage-based fees through the Enoki API platform, SuiPlay0X1 hardware sales, an emerging institutional capital markets services line led by ex-Goldman Sachs Head of Digital Assets Mustafa Al Niama (appointed August 2025), and indirect economics through SUI and WAL token networks. The May 2026 launch of protocol-level gasless stablecoin transfers and the March 2026 launch of USDsui (issued by Bridge, Stripe-owned) position Sui as a payment rail. Distribution is anchored by listings on all major centralized exchanges, three U.S. spot SUI ETFs (launched February 2026), and consumer integrations including the Mastercard-xPortal/xMoney partnership.

Mysten Labs also pursues research output (83 papers, 20+ researchers, publications at EuroCrypt 2026, FC 2026, AsiaCCS 2026, and EDBT 2026) and actively builds ecosystem through the Blockchain Payments Consortium (co-founded November 2025), the Linux Foundation Decentralized Trust OTAS lab (April 2026), and collaborations with Google on the Agentic Payments Standard. Operating scale signals include >$1 trillion in cumulative stablecoin volume on Sui mainnet since August 2025, $10B in 30-day DEX volume as of December 2025, partner-platform volumes (RedotPay $10B+ annualized payment volume across 7M+ users in 100+ countries; Paga $1.5B in monthly payments via the African partnership), and 12TiB+ of data stored on Walrus at devnet stage. The company remains privately held with no parent company identified.

Mysten Labs firmographics

Firmographics

Name: Mysten Labs
Legal name: Mysten Labs, Inc.
Website: https://www.mystenlabs.com
Company type: Private
Founded year: 2021
Operating status: Operating
Headcount range: 11–50 employees
Short description: Mysten Labs is a Palo Alto-based blockchain infrastructure company founded in 2021 that builds the Sui Layer 1 blockchain, the Move programming language, and an integrated protocol stack (Walrus, Seal, DeepBook, Enoki) serving developers, financial institutions, gaming companies, fintechs, and AI-agent platforms.
Ownership category
akta.pro rank

Mysten Labs industry classification

Industry

Product category: Blockchain Infrastructure
NAICS: Software Publishers (5132)
akta.pro primary industry: MEV, Sequencing & Transaction Supply Chain (builders, searchers, PBS, auctions) (FSAPAAAG)
akta.pro secondary industries: Smart Contract Developer Platforms & Tooling (SDKs, APIs, frameworks, indexing) (FSAPAAAH), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH), Digital Asset Custody & Wallet Infrastructure for Institutions (MPC/HSM, key mgmt, policy controls) (FSAPAIAE)

Keywords

Layer 1 blockchain
Smart contract platform
Decentralized storage protocol
Digital asset infrastructure
Web3 developer tools

Where Mysten Labs is headquartered

Location

Headquarters

HQ city: Palo Alto
HQ country: United States
HQ region: North America

Offices2 records

Markets served

Mysten Labs business model

Business model

GTM type: B2B
Offering type: Software
Cost components: Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

Venture Funding: Raised $36M Series A (Dec 2021, led by Andreessen Horowitz) and $300M Series B at $2B valuation (Sept 2022, led by FTX Ventures, with participation from Binance Labs, Coinbase Ventures, a16z, NCSOFT, and others). Funding supports Sui core infrastructure, Walrus/Seal/Enoki development, Asia-Pacific expansion, and institutional go-to-market.
Gasless Stablecoin Transaction Protocol Fees: Sui's gasless stablecoin transfer protocol (launched May 2026 for USDC, USDY, FDUSD, AUSD, USDB, USDsui, suiUSDe) eliminated the requirement for users to hold native SUI for gas. Protocol design supports on-chain payments and could underpin fee-based services (e.g., B2B payments, microtransactions).
Enoki Platform (Digital Asset Infrastructure APIs): Enoki offers 'Stripe-like' digital asset infrastructure, enabling businesses to embed blockchain and public ledger solutions inside their applications; revenue is API/usage-based for embedded wallet and digital asset services.
SuiPlay0X1 Hardware Sales: Web3 handheld gaming console developed in partnership with Playtron; first preorder run sold out; hardware sales support consumer-facing Web3 gaming ecosystem.
Bug Bounty Program Rewards (Outflow): Mysten Labs operates a security bug bounty program via HackenProof; rewards are an outflow (payouts to security researchers) rather than a revenue stream, with severity-based payouts ranging $1,000 (Low) to $30,000 (Critical, wallet only).
Walrus Token (WAL) Network Economics: Walrus operates via delegated proof-of-stake using the WAL token (FROST = 10^-9 WAL). Storage node operators stake WAL, with rewards, slashing, and a tokenomics model designed to secure the network and pay for storage in each epoch.
Institutional Capital Markets Services: Tokenization, real-world asset markets integration, collateral mobility, and digital asset education initiatives for major financial institutions, led by Head of Global Capital Markets Mustafa Al Niama.

Pricing tiers

Model	Billing	Price
Other	Pay-as-you-go	Bug Bounty Rewards (Sui Wallet scope)
Other	Annual	21shares Spot SUI ETF (TSUI) on Nasdaq
Other	Annual	Grayscale Sui Staking ETF (GSUI) on NYSE Arca
Other	Pay-as-you-go	Sui Gasless Stablecoin Transfers (USDC, USDsui, suiUSDe, USDY, FDUSD, AUSD, USDB)

Go-to-market motion5 records

Mysten Labs product offering

Product offering

Core offering

Mysten Labs develops and operates the Sui Layer 1 blockchain and a portfolio of associated protocols and products, including the Move programming language, Walrus decentralized blob storage, Seal decentralized secrets management, DeepBook on-chain central limit order book, Enoki digital-asset infrastructure APIs, Kiosk on-chain commerce primitives, and consumer products such as the Slush wallet and SuiPlay0X1 gaming console. The company sells infrastructure, APIs, developer tools, and hardware to Web3 builders, enterprises, and end users.

Differentiator

Problem solved

Functional benefit

Brands

Sui: Layer 1 blockchain and core protocol product, developed as the primary platform of Mysten Labs.
Move
Walrus
DeepBook
Seal
Enoki
Sui Kiosk
Slush
SuiPlay0X1
Sui Name Service (SuiNS)
SuiFrens

Products and services

Sui Layer 1 Blockchain
Move Programming Language
Walrus Decentralized Storage Protocol
Seal Decentralized Secrets Management
DeepBook
Enoki Digital Asset Infrastructure Platform
Sui Kiosk
Slush Wallet
SuiPlay0X1 Gaming Console
Sui Name Service (SuiNS)

Companies that use Mysten Labs

Customer profile

Ideal customer profiles3 records

Mysten Labs technology and API

Technology

Technology focussed Yes

API detail

Has API: Yes
API docs
API detail

Core technology

AI maturity

App detail

Integration23 records

AI capability7 records

Feature12 records

Mysten Labs partnerships and signals

Strategic signal

Scale indicators21 records

Recent moves7 records

Expansion highlights7 records

Mysten Labs competitors and assessment

Company assessment

Direct peers

Aptos Labs: Aptos is the most direct peer to Mysten Labs/Sui: another Layer 1 blockchain built on the Move programming language by former Meta (Diem) engineers. It competes head-to-head for the same Move developer mindshare, institutional partners, and Web3 application workloads.
Solana Labs: Solana is the leading high-throughput, low-fee Layer 1 blockchain — directly comparable to Sui on performance positioning, developer GTM, and institutional/capital-markets outreach. Both target payments, DeFi, and consumer-scale applications on a single L1.
Avalanche Foundation: Avalanche is a competing Layer 1 with strong institutional and tokenization positioning (notably via Ava Labs' enterprise and RWA initiatives). It overlaps with Sui on the same enterprise and capital markets buyer profile that Mysten Labs targets through its new Head of Global Capital Markets.
NEAR Protocol: NEAR is a sharded Layer 1 with comparable throughput and low-fee positioning, plus a developer-friendly account model. It is competing for the same set of Web3 application builders and institutional partners evaluating non-Ethereum L1s.
Sei Foundation: Sei is a trading-optimized Layer 1 that overlaps directly with DeepBook and the Sui DeFi stack on latency-sensitive trading workloads. It targets the same institutional and DeFi builder audience with similar performance-led value propositions.

Broad incumbents

Ethereum Foundation: Ethereum is the dominant smart contract Layer 1 and the de facto incumbent whose L2 ecosystem absorbs a large share of the developer mindshare Mysten Labs targets. It is not a direct competitor in throughput-led use cases but defines the gravity well Sui competes within.
Polygon Labs: Polygon offers a scaling stack (PoS, zkEVM, Polygon CDK) competing for the same enterprise and institutional tokenization workloads. It is a broader incumbent with a wider product portfolio than Sui but overlaps materially on RWA and payments infrastructure.

Emerging players

Stellar Development Foundation: Stellar is a payments-focused Layer 1 that co-founded the Blockchain Payments Consortium with Mysten Labs in November 2025. It competes for the same cross-border stablecoin payment and emerging-market remittance use cases Sui targets via the Paga partnership.
TON Foundation: TON (The Open Network) is a payments- and consumer-oriented Layer 1 that also co-founded the Blockchain Payments Consortium with Mysten Labs. It overlaps on stablecoin payments, consumer wallet UX, and emerging-market distribution.
Dapper Labs (Flow): Dapper Labs' Flow blockchain is a consumer- and gaming-focused Layer 1, directly comparable to Mysten Labs' SuiPlay0X1 + Kiosk gaming strategy. Both target mainstream game studios and Web2 game publishers integrating blockchain-based asset ownership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

Mysten Labs financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Mysten Labs leadership team

Management profile

Number of profiles

Profiles8 records

Mysten Labs subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

Mysten Labs funding detail

Funding detail

Funding overview

Funding rounds3 records

Investors33 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Mysten Labs M&A and investment

M&A and investment

M&A1 record

Investments27 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mysten Labs

What does Mysten Labs do?

Is Mysten Labs a public or private company?

Mysten Labs is a private company. It is classified as venture growth investor backed and is currently operating.

When was Mysten Labs founded?

Mysten Labs was founded in 2021. It employs 11 to 50 people.

Where is Mysten Labs based?

Mysten Labs is headquartered in Palo Alto, United States, in the North America region.

How does Mysten Labs make money?

Seven revenue lines are on record. Venture Funding is the primary driver. The others are gasless Stablecoin Transaction Protocol Fees, enoki Platform (Digital Asset Infrastructure APIs), suiPlay0X1 Hardware Sales, bug Bounty Program Rewards (Outflow), walrus Token (WAL) Network Economics and institutional Capital Markets Services.

Who are Mysten Labs's main competitors?

Direct peers on record are Aptos Labs, Solana Labs, Avalanche Foundation, NEAR Protocol and Sei Foundation. Broad incumbents are Ethereum Foundation and Polygon Labs. Emerging players are Stellar Development Foundation, TON Foundation and Dapper Labs (Flow).

Does Mysten Labs have an API?

Yes. Mysten Labs offers multiple APIs across its product portfolio: the Sui blockchain provides JSON-RPC, GraphQL, and REST APIs for reading/writing on-chain data; Walrus exposes a JSON API and HTTP API for blob storage and retrieval, plus a CLI client (macOS, ubuntu); Seal provides a TypeScript SDK (@mysten/seal on npm) for encryption, decryption, and key-server interaction; and Enoki Portal offers developer-facing APIs and documentation for embedding digital asset infrastructure into business applications. Walrus Testnet also provides APIs for tokenomics and blob deletion. Developer documentation is at docs.sui.io.

What industry is Mysten Labs in?

Mysten Labs's product category is Blockchain Infrastructure. Its primary akta.pro industry code is FSAPAAAG, MEV, Sequencing & Transaction Supply Chain (builders, searchers, PBS, auctions), with a secondary code of FSAPAAAH, Smart Contract Developer Platforms & Tooling (SDKs, APIs, frameworks, indexing). Its NAICS code is 5132.